The income tax return (ITR) filing last date is March 31, 2022 and non-filers may not get any income tax refund, if due. Apart from this, taxpayers who won’t file ITR, may be required to pay higher Tax Deducted at Source (TDS).
“Not filing ITR can result in higher TDS next year. The last date to file ITR for AY 2021-22 is 31st March, 2022. Let’s not wait for the last day! File Now,” the Income Tax department tweeted.
If you fail to file ITR for AY 2021-22, TDS rate, applicable on you, may increase, the department said.
Those who won’t file ITR by March 31, 2022, would be required to pay a late fee of Rs 1,000 or Rs 5,000 as per section 234F of the Income-tax Act, 1961.
“Dear taxpayers, please remember that non-filers may not get any refund, if due,” Income Tax India tweeted.
Last week, the Lok Sabha approved the Finance Bill 2022 giving effect to the taxation proposals and completing the Budgetary exercise for 2022-23 fiscal by the lower house.
Finance Minister Nirmala Sitharaman said that the number of taxpayers has increased to 9.1 crores from 5 crores a few years back. She also said that the government was taking steps to widen the tax base and the faceless assessment has been received well by people.